(De Ware Tijd) PARAMARIBO – Timber multinational Greenheart Group Limited (GGL) denies it wants to cut down all of Suriname’s forests. After some controversy, GGL has been allowed back on the Hong Kong Stock Exchange. “We are going to convince investors that we are serious about our project in Suriname and that this country is a fantastic place to invest. There is a good labor potential in the country and the government stands for a good investment climate. We are not in Suriname to plunder and make money quickly just to leave again”, David Wu, GGL’s Vice President Company Development & Investor Relations, tells DWT. Some months ago, the company was rocked by allegations of fraud surrounding its biggest shareholder, Sino Forest, which is listed on the Canadian Stock Exchange and is one of the biggest timber companies in southern China. Earlier this year, stock watchdog Muddy Waters issued a report expressing doubts about the properties Sino Forest claimed to own through GGL, of which it has 64$ of the shares. Trade in shares of Sino Forest in Canada and GGL in Hong Kong was suspended in the middle of this year. Meanwhile, GGL’s management has managed to convince the financial authorities in Hong Kong that they actually own a 300,000 hectare timber operation in Suriname, and had nothing to do with the problems of Sino Forest, which have not been resolved yet. “We do not know what has happened with Sino Forest. They are just our biggest shareholder, but have no involvement in our operations in New Zealand and Suriname. We are a separate entity and are listed on the Hong Kong Stock Exchange”, Wu adds. Meanwhile, GGL shares can be traded again in Hong Kong and the company will continue investing millions in Suriname. Previously, the Foundation for Forest Management (SBB) of the Ministry of Zonal Planning, Land and Forest Management (RGB) stated it sees no problems with GGL’s operation in Suriname.
